Seven West Media has announced finalization of its partnership with Google and signature on a long-form agreement with Facebook, awaiting signature by the social media giant overnight. These agreements are consistent with the respective LOI’s announced back in February. The agreement with Google is for five years and the agreement with Facebook is three. SWM Managing Director and Chief Executive Officer, James Warburton, said: “Completion of the two agreements confirms the strong recognition of the quality and credibility of our leading television and newspaper news brands and entertainment content. Together, they underpin our sustainability and enable us to continue to build our digital platform.
“These partnerships have been made possible by the introduction of the Media Bargaining Code. This has been an important reform led by Prime Minister Scott Morrison, the Chair of the Australian Competition and Consumer Commission, Rod Sims, Treasurer Josh Frydenberg and Communications Minister Paul Fletcher.”
Digital revenue associated with the agreements will commence before end of FY21 while the majority will be derived in FY22. Mr Warburton said: “The transformation of SWM continues. Finalisation of the Google and Facebook agreements completes one of the key objectives outlined in our February results, delivering further digital transformation, and realising the true value of our news and current affairs product on third-party digital platforms. “Our balance sheet is now in a much stronger position and our FY21 Q4 content is positioned to deliver audience and share growth, particularly among people 25 to 54 and on 7plus.”